Fitch's ratings are based on the underlying receivables pool, available
credit enhancement, Citibank, N.A.'s underwriting and servicing
capabilities, as well as the transaction's legal structures, which
employ early amortization triggers.

Increasing default rate alone has the least impact on rating migration
even in the most severe scenario of a 75% increase in defaults. The
rating sensitivity to a reduced purchase rate is more pronounced with a
moderate stress, of a 100% decrease, and leads to possible downgrades of
the class A. The harshest scenario assumes both default and MPR stresses
occur simultaneously. Similarly, the ratings would only be downgraded
under the moderate stress of a 50% increase in defaults and 25%
reduction in MPR; however, the severe stress could lead to more drastic
downgrades to all classes.

To date, the transactions have exhibited strong performance with all
performance metrics within Fitch's initial expectations. For further
discussion of Fitch's sensitivity analysis, please see the related
presale report. For a discussion of the representations, warranties, and
enforcement mechanisms available to investors in this transaction please
see the related presale appendix.

The presale report is available to all investors on Fitch's website at 'www.fitchratings.com'.
For more information about Fitch's comprehensive subscription service
FitchResearch, which includes all presale reports, surveillance, and
credit reports on more than 20 asset classes, contact product sales at
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